Reflecting on the past year, what stands out the most for me is one staggering statistic: four catastrophes in 25 days. From the flash floods that inundated Toronto to the devastating wildfire in Jasper, the hailstorm that battered Calgary, and the flooding in Quebec caused by the remnants of Hurricane Debby, what Canadians faced in just a handful of weeks was unprecedented. The impact of those natural disasters continues to linger and will resonate well into 2025.

Climate change will once again pose significant pressure on our industry, compelling insurers to take an even closer look at how we manage risk in high-exposure areas and whether our pricing is keeping up with the stark realities of our transforming environment.

This won’t be the only challenge awaiting us in 2025. It’s a significantly different world today in insurance. Markets are tougher to predict, with competitors constantly changing and carriers frequently entering and exiting markets, creating hard markets one minute and soft the next.

In addition, more regulatory changes, rising customer expectations, growing cyber threats and an uncertain economy all make navigating the Canadian insurance market even tougher.

Yes, this can be stressful. But we’ve seen challenges like these before and we’ve emerged not just resilient but stronger. We believe our shifting industry opens the door to exciting opportunities in 2025.

We see huge potential in Canada in the mid-market commercial and life insurance segments. Emerging technology will unlock new ways for us to make things easier for our broker partners and our mutual policyholders, enhancing our ability to meet their needs. And with an aging population, families starting later in life, and immigration driving growth, our country’s shifting demographics have insurers uniquely positioned to add value and make a difference in the lives of Canadians.